2015 (1) TMI 478

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....o.2065/RJT/2002 for the A.Y. 1998-99 whereas, in T.As. No.1064/2006 to 1065/2006, challenge is to the common judgment and order dated 23.11.2005 passed by the ITAT, Ahmedabad Bench in ITA Nos.24/AHD/1999 & 25/AHD/1999 and in T.A. No.1066/2006 challenge is to the judgment and order dated 28.02.2006 passed by the ITAT, Rajkot Bench in ITA No.132/RJT/2005. For the purpose of narration of facts, Tax Appeal No.1051/2006 is taken as the lead matter. 3. Briefly stated, the facts are that the assessee-firm is engaged in the business of printing work and manufacturing of packing materials. On 30.11.1998 the assessee filed its return of income declaring total loss of Rs. 10,81,210/-. The assessee had obtained cash credit facility from Oriental Ban....

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....e Tribunal was justified in deleting the addition made by the Assessing Officer of the differential stock statement as recorded in the books of accounts as against the same submitted before the bank?" 8. We have heard learned counsel for the Revenue and perused the record of the cases. The issue involved in these appeals is already concluded by a decision of this Court in the case ofCommissioner of Income-tax, Ahmedabad-III v. Riddhi Steel and Tubes (P) Ltd., [2013] 40 taxmann.com 177 (Gujarat). The observation s made in Paras - 6, 7 & 9.2 are relevant for our purpose and it reads as under;       ""6. The Court relied upon a decision in case of CIT v. Arrow Exmi (P) Limited [Supra], which is essentially depend....

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....edged, which was explained by the assessee and therefore in order to avail higher credit facilities the statement was given, but the stock was with the assessee, and therefore, the submissions are misconceived."     7. This Court in case of CIT v. Veerdip Rollers Private Limited [Supra] had dismissed the appeal at the admission stage where the addition was made under Section 69B of the Act by the Assessing Officer on account of difference in the closing stock furnished before the banking authorities for availing higher credit facilities as against the same disclosed in the books of account furnish before the Income-tax authorities. Various decisions had been discussed by the Tribunal in its order and reproducing all of the....